a) For the last 3 years, the JCR corporation has averaged annual gross receipts of $27 million. This year, JCR has EBITDA of $6,000,000, and it has incurred $2,100,000 in business interest expense. What can JCR deduct as business interest in the current year?

b) Assume that in the following year, JCR has EBITDA of $7,000,000, and it has incurred $1,500,000 in business interest expense. What can JCR deduct as business interest?

explain distributed leadership, include why it has garnered scholars' attention. Does the theory merit the attention it has received? what value might it provide beyond what other leadership theories already provide

The accounting record for St. Louis Cardinals, baseball club in St. Louis, MO, reported the following selected information: Account Amount Cost of Tickets Sold 97,000 Depreciation Expense 36,000 Furniture and Equipment 72,000 Income Tax Expense 13,800 Insurance Expense 29,000 Interest Expense 15,900 Investment Expense 4,600 Marketing Expense 62,000 Prepaid Expense 16,800 Salaries Expense 78,000 Supplies Expense 35,000 Utilities Expense 41,000 Determine St. Louis Cardinal's selling, general and administrative expenses. (a.k.a. Operating Expenses.)

Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $11,400. The booth will be open 30 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $175 per package. She will continue to sell the existing product, EZRecords, which costs $96 per package. Ms. Garcia believes that the salesperson will spend approximately 20 hours selling EZRecords and 10 hours marketing ProOffice.

Required

1. Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 82 units of EZRecords and 45 units of ProOffice.

2. Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 194 units of EZRecords and 109 units of ProOffice.

(For all requirements, round "Cost per unit" to 2 decimal places.)

How are absorption costing and variable costing the​ same? How are they​ different? Give one example on how management uses either absorption costing or variable costing to make a decision. Your answer should be in complete sentences with proper grammar and spelling. no handwriting

In this course, we have examined the importance of setting financial goals and strategies to achieve these goals. For this assignment students will research the practical aspects of financial planning. Assume you have graduated from UOIT and now work in your desired field. You are now 40 years old, have paid off your student loans, you have a life partner and 1 child. You just purchased your first home and are now ready to start saving for retirement which you are planning to start at age 65.

2. Which types of accounts will you be opening and why? What are the fees involved with each type of account?

Ethics Case

What should he do?

Tobias Ivanov, a senior accountant, has just completed his third year at a large accounting firm. During this time, Tobias has been consistently evaluated as an above average performer and a “team player.” Lately Tobias has been concerned about the heavy work load in this firm and has decided to enroll in an MBA program. He recently applied for admission to several of the nation's top business schools. The school in which Tobias is most interested had an October 1 deadline for a trial financial aid package, designed to attract top candidates, which covers all costs and pays $10,000 per year. This is the first year for the program and there is no guarantee that the program will be available in future years. Based on his conversations with university officials, Tobias is quite optimistic about being admitted and receiving the funding, even though a final decision will not be made until February. Tobias plans to enter an MBA program, even without the special funding, beginning in August of the following years, but he has told no one at the firm of his plans.

Janice Conrad, a partner in charge of training and development for the local office, has just received information from the national office of the firm related to a five-month accounting internship-exchange program the firm has arranged with offices in Europe, Australia, and Russia. Applicants must have three to five years with the firm, be above-average performers, have long-term career potential with the firm, and be fluent in the host country’s language. Janice immediately thinks of Tobias, who is a first-generation American with strong family connections in Russia. Janice arranges to have lunch with Tobias the next day.

At lunch Janice confirms that Tobias is fluent in Russian and then presents to him the information on the five-month internship in the Moscow office, from January through May of the following year. Tobias and Janice talk with excitement about the personal and professional benefits of five other relatives who live in Russia. The firm would benefit by having someone with experience in the Moscow office. Janice thinks Tobias has an excellent chance of being selected for the program and offers to write a recommendation letter for him. She gives Tobias an application and encourages him to complete it immediately, since it is now mid-October and the application deadline is November 1.

That night, Tobias sits down to consider his career plans. Although he is very excited about the opportunity to go to Moscow, he is also convinced that he would love to enroll in a full-time MBA program in the fall. He realizes that it is possible to intern in the Moscow office from January through May, return to his current office for June and July, and then begin the MBA program in August. Tobias wonders if he should talk to Janice about his MBA plans, but he hesitates. He knows that firm policy requires only a two-week notice prior to leaving the firm. Tobias decides that there is no harm in applying, but he questions his long-term intentions with the firm and wonders what to do.

Address the following Questions using complete sentences/paragraphs. Your write up should be a minimum of 1.5 pages, and could be more.

1. Identify the relevant facts of the case.
2. Identify the ethical issues within this case.
3. Identify and list the primary stakeholders in this case.
4. Identify and discuss the possible alternatives for the dilemma and the ethics of each alternative.
5. What, if any, are the constraints to the alternatives?
6. What action should be taken by Tobias and Janice depending on the alternative taken?

Single Plantwide Factory Overhead Rate

Spotted Cow Dairy Company manufactures three products—whole milk, skim milk, and cream—in two production departments, Blending and Packing. The factory overhead for Spotted Cow Dairy is $288,600.

The three products consume both machine hours and direct labor hours in the two production departments as follows:

Required:

1. Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (b) machine hours. If required, round all amounts to the nearest dollar.

2. Determine the product factory overhead costs, using (a) the direct labor hour plantwide factory overhead rate and (b) the machine hour plantwide factory overhead rate.

b. Would an investment be worth more if it were an ordinary annuity or an annuity due? Explain and illustrate with an appropriate example.

On January 1, 2018, A Co. purchased a machine at a cost of $84,000. The machine is expected to last 5 years and has a residual value of $14,000.

Required:

1. Compute depreciation for the five year periods ending December 31 using the straight-line, sum-of-the-years digits and DDB method.

straight-line:

sum-of-the-years digits:

DDB method:

2. The machine is sold on January 1,2020 for $40,000. Compute the gain or loss for each method.

You are employed as an accountant by a new company called Refresh Ltd. The company was incorporated on 1 July 2018 and is now trying to raise some new equity.

On 1 July 2018, Refresh Ltd offered 5,000,000 ordinary shares to the public at an issue price of $4.00 per share, with $2.50 payable on application, $1.00 due within one month of allotment, and $0.50 due on a call to be made at a later date. The closing date for applications was 31 July 2018. The issue is underwritten at a commission of $17,000.

By 31 July 2018, applications had been received for 6,000,000 shares. On 10 August 2019, 5,000,000 shares were allotted in proportion to the number of shares for which applications had been made. The excess application money was retained and offset against the amount payable on allotment.

The underwriter’s commission was paid on the 12 August 2019 and all allotment money was received by 10 September 2018.

The call is made on 1 February 2019, with money payable by the end of the month. By 28 February 2019, all call money was received except for holders of 20,000 shares who failed to meet the call.

On 20 March 2019, the 20,000 shares were forfeited. These forfeited shares were auctioned on 5 April 2019 as fully paid. An amount of $3.40 was received for each share sold. Share re-issue costs amounted to $5,000, and were paid on the same day of auction. The constitution provided for any surplus on resale, after satisfaction of unpaid instalments and any costs, to be returned to shareholders whose shares were forfeited. This money was returned on the 12 April 2019.

Required:

As the accountant of Refresh Ltd, prepare the journal entries necessary to account for the above transactions and events.

Important tips:

• Show all journal entries in chronological order, with dates stated clearly beside each set of entries.
• In preparing your journal entries, you should include brief narrations and relevant workings to support your figures.

Ajman Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2017. Its inventory at that date was 220000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows.

Date Inventory at Current Prices    Current Price index

December 31, 2018    256800 107

December 31, 2019    320000    108

December 31, 2020    350000 120

A. What is the cost of ending inventory on December 31, 2018 under dollar value LIFO

B. What is the cost of ending inventory on December 31, 2019 under dollar value LIFO

C. What is the cost of ending inventory on December 31, 2020 under dollar value LIFO

Matheson Electronics has just developed a new electronic device that it believes will have broad market appeal. The company has performed marketing and cost studies that revealed the following information:

1. New equipment would have to be acquired to produce the device. The equipment would cost $138,000 and have a six-year useful life. After six years, it would have a salvage value of about $24,000.
2. Sales in units over the next six years are projected to be as follows:

3. Production and sales of the device would require working capital of $46,000 to finance accounts receivable, inventories, and day-to-day cash needs. This working capital would be released at the end of the project’s life.
4. The devices would sell for $55 each; variable costs for production, administration, and sales would be $35 per unit.
5. Fixed costs for salaries, maintenance, property taxes, insurance, and straight-line depreciation on the equipment would total $149,000 per year. (Depreciation is based on cost less salvage value.)
6. To gain rapid entry into the market, the company would have to advertise heavily. The advertising costs would be:

7. The company’s required rate of return is 13%.

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables.

Required:

1. Compute the net cash inflow (incremental contribution margin minus incremental fixed expenses) anticipated from sale of the device for each year over the next six years.

2-a. Using the data computed in (1) above and other data provided in the problem, determine the net present value of the proposed investment.

2-b. Would you recommend that Matheson accept the device as a new product?

Vail Company recorded the following selected transactions during November Current Year.

Exercise 7-1 Part 1

1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.

2. Prepare a schedule of accounts receivable.